Innovation is imperative for economic growth, despite the primary actor for innovation is the firm, leadership is also an important actor. Leadership influence the innovation process E.W. Kang (2014) from search, select, implement to capture value.China is one of the proactive
A new product development enhances sales, profitability, customer satisfaction and retention of consumers. 2.7 CONCLUSIONS Manufacturing companies of any kind must increase its ability in bringing new products into the market to boost their profitability. Despite new product development in itself is very risky owing to the fact that there are some new products that fail out rightly. So management must concerns in setting a process for finding and growing successful new products. Ensures that once new products are launch, they want their products to enjoy a long and happy stay in the market that will cover all the risk, the research efforts and impact the profitability of manufacturing
• It can grow a professional network. Innovative product development will attract people from within the industry of a brand and business because they are seen as a “cutting edge” organization. People want to be connected to innovators and experts. This means the B2B and B2C networks for an organization focused on positive product development will always have a chance to
Another important thing on their company is innovation so according to with the article that I read for Unilever 30% of their growth comes from innovation and 70% of innovation comes from their suppliers. So, they build every day a healthy relationship with their suppliers that lead them to another concept, ideas towards a great success on the market. They also have substantial value towards their suppliers and that value its making them stronger on the
In the business world today the customer is the most important person to please. Competition shakes off complacency. If your company is consistently trying to improve and innovate, your employees will be encouraged to push themselves. In the business world today , companies can get information and research about there competitors easily due to high level of technology and internet access. Seeing what your competitors can do can educate about how to be more successful.
This process starts with solving the problems which haven’t solved, supply a solution to demands which haven’t satisfied so far. When we put creative and new ideas into practice; they start producing a product and services or methods. Starting to selling outcome products and services, furthermore using the new methods in processes is the final destination of innovation. Conjunction with economic factors, social factors are another key to start an innovation. Innovation occurs and starts in societies which are ready for new things and has the spirit of changing culture with individually and common changing desires.
2.0) Literature Review 2.1) Introduction Today scientists strongly emphasize that the main source of successful activity on the market is innovation. Innovativeness is most determinant market advantages (Hilmi, 2008). For success the firm should produce not only products, which would cost less than the products of competing firms, but also - products that would differ more innovation performance (Urbancová, 2013). Hult et al. (2004) also confirms that innovativeness is critical factors for firms competition (Hult et al., 2004).
Small industry plays a very important role in widening the base of entrepreneurship. The development of small industries offers an easy and effective means of achieving broad based ownership of industry, the diffusion of enterprise and initiative in the industrial
However, another aspect believes that entrepreneurship has a positive effect on the creation of job opportunities, which thus decreases unemployment rate. Entrepreneurship is also able to improve an economy through the actual products, services and technology that is introduces into a market. These new ideas boost economic growth. Innovation also creates a sense of competition within the market, which allows for the entrepreneurs involved to become creative under pressure. Competition is necessary in order to encourage either existing, or new entrepreneurs to constantly grow and improve, which once again improves the economic situation.
It is just as important to identify opportunities, but also to realise when to pass some of them. Many are driven by a competitive desire to excel and perseverance in a difficult environment. Constant improvement and dissatisfaction with the current status quo is also part of entrepreneurial trait, because they always believe in improvement. Likewise, networking is very important, especially when dealing with suppliers, financers (including banks), government, clients and customers and competitors. Entrepreneurs are also action-oriented, and should be able to lead employees but also have influence external groups such as banks, suppliers, government and other groups.